A group of 11 banks have gained approval to take part in an "incentivized switching scheme" whereby they will take business from Royal Bank of Scotland Group PLC, as part of the conditions attached to the latter's financial crisis-era bailout.

The following banks will take part in the scheme, which will provide up to £350 million in funding to small business customers to switch business accounts and loans to so-called challenger banks: Arbuthnot Latham & Co. Ltd., Clydesdale Bank PLC, Co-operative Bank PLC, Hampden & Co Plc, Monzo Bank Ltd., Metro Bank PLC, Nationwide Building Society, Santander UK PLC, Starling Bank Ltd., Svenska Handelsbanken AB (publ), and TSB Bank PLC.